[DRD] update

With Elliott waves there are often more than one correct counts.  In the backlink I used the count below which predicted a rapid move up into the $2.80 range to complete a motive wave up.




In fact, the final blow off top was more like $3.40.  Because of the fact that this extended so high I am switching my primary model to the similar but different model below which is that of an expanding wedge.   Since a wedge is a form of triangle, the inner waves are all "threes".  Note how B of E kissed the top rail and then fell sharply back using a GOE formation before punching to the blow off unicorn horn top.

What this new interpretation did was add risk to the premise that DRD is now in a bull market because triangles can exist in the wave 1 position (referred to as having a leading diagonal) but they are more often found in retracements.

If we were going buy the original model, green B below would be the level of the prior 4th and that lives at the 61.8 fib.  So that is a real target.  Nearer term, the 38.2 fib would also be a gap fill and because of this confluence I will use that as my primary model for now.  But failure to hold the top line will suggest a trip back down to the 61.8 fib at the very least.

Bottom line is that I am on the sidelines with DRD waiting for more data that supports a bullish case.  I made good money on DRD recently and have no intention of giving most of it back...